Midwest

CBRE Brokers Sale of Two Office Buildings in Kansas City in Separate Transactions

by Christina Cannon July 28, 2016

KANSAS CITY, MO. — CBRE has brokered the sale of two office buildings in Kansas City in separate transactions. In the first deal, Highwoods Properties Inc. sold an 82,365-square-foot building to Price Brothers Development Co. for an undisclosed price. Park Plaza is located at 801 W. 47th St. In the second deal, a joint venture between Highwoods Properties Inc. and an investment group led by Angelo Mariani sold a 265,000-square-foot, Class A building to Stanton Road Capital LLC. Plaza West, located at 4600 Madison Ave., is currently 91 percent leased. Gina Anderson and Gary Carr of CBRE represented the seller in both transactions. The sales price in both transactions was undisclosed.

July 28, 2016

Midwest Missouri

McCarthy to Complete $14.5M Renovation for University of Missouri-Kansas City

by Christina Cannon July 28, 2016

KANSAS CITY, MO. — McCarthy Building Companies Inc. will complete a $14.5 million renovation for the University of Missouri-Kansas City (UMKC). The project will modernize 75,000 square feet of laboratory space in the Spenser Chemistry and Biological Sciences Building, which was originally constructed in 1968. The facility was last renovated in the 1980s. Construction will begin this December, and the project is slated for completion by July 2018.

July 28, 2016

Loans Michigan Midwest Multifamily

Eastern Union Arranges $12.7M Acquisition Loan for Apartment Complex in Metro Detroit

by Christina Cannon July 28, 2016

AUBURN HILLS, MICH. — Eastern Union Funding has arranged a $12.7 million acquisition loan for a 259-unit apartment community in Auburn Hills, approximately 35 miles north of Detroit. Bloomfield Square Apartments, located at 3161 Bloomfield Lane, is comprised of 28 buildings. Bloomfield Loop Square LLC was the borrower. Nate Hyman and David Metzger of Eastern Union Funding arranged the loan through Greystone & Co. The ownership plans to add a fitness center and upgrade the units and clubhouse.

July 28, 2016

Illinois Industrial Midwest

Transwestern Brokers Sale of 40,000 SF Industrial Property Near Chicago

by Christina Cannon July 28, 2016

ADDISON, ILL. — Transwestern has brokered the sale of a 40,000-square-foot industrial property in Addison, approximately 25 miles west of Chicago. Venture One Real Estate purchased the property, located at 120 Fairbank St., from a private seller for an undisclosed price. The facility, built in 1979, features six exterior docks, three drive-in doors and 1,500 square feet of office space. Justin Lerner and Joe Karmin of Transwestern represented the seller in the transaction.

July 28, 2016

Midwest Minnesota Mixed-Use Top Stories

Minnesota Vikings Select Architect, General Contractor for $500M Practice Facility, Headquarters

by John Nelson July 28, 2016

EAGAN, MINN. — The Minnesota Vikings have selected Crawford Architects and Kraus-Anderson Construction Co. as the architect and construction manager for the football team’s new practice facility and headquarters. Located on the former Northwest Airlines campus in Eagan, the development will cost roughly $500 million to complete, according to the Minneapolis/St. Paul Business Journal. The Vikings plan to debut their new campus in March 2018. “Establishing this leadership team is a major step forward on our new Eagan home,” says Steve Poppen, executive vice president and chief financial officer of the Vikings. “We are thrilled to once again engage in a large project with a Minnesota-based construction company such as Kraus-Anderson, as they have a tremendous body of work and strong reputation within the community.” The announcement of Crawford and Kraus-Anderson joining the project team comes on the heels of the opening of U.S. Bank Stadium, the Vikings’ $1.1 billion home arena in Minneapolis. Located at 401 Chicago Ave., the stadium opened on Friday, July 22. In late June, the Eagan City Council unanimously approved the development of the new practice facility and team headquarters on the site, which is located off I-494 at the intersection of Dodd Road and …

July 28, 2016

Hospitality Market Reports Michigan Midwest Midwest Market Reports

I-94 Corridor From Detroit to Ann Arbor Piques Hotel Investors’ Interest

by Christina Cannon July 28, 2016

Even as hotel operators continue to report steady gains in revenue per available room (RevPAR) nationally, Wall Street execs have begun to downgrade the lodging outlook, painting an entirely different picture. This disconnect is rooted in fears that the year-over-year growth in RevPAR is not sustainable in the current climate and that a spate of high-profile mergers and acquisitions among national operators must dictate a lower assessment of the industry. In spite of these concerns, demand continues to outpace new supply, both of which are occurring at a strong clip. Though industry observers may point to tepid occupancy as a concern, robust increases in average daily rates are leading to continued growth in RevPAR nationwide. How does Detroit stack up? Similar to the national hotel industry, Detroit is registering these same trends. On one hand, the market has recorded an increase in supply and a decrease in occupancy. On the other hand, average daily rates are steadily rising and RevPAR is growing overall, a sign of a strong hotel market. STR’s April 2016 report on the U.S. hotel pipeline indicated 1,046 rooms under construction in metro Detroit, or approximately 2 percent of the existing supply. This supply increase is at …

July 28, 2016

Illinois Midwest Retail

ALTO Fund II Acquires 235,000 SF Shopping Center in Metro Chicago for $32M

by Christina Cannon July 27, 2016

HOMEWOOD, ILL. — ALTO Fund II, a New York-based real estate investment fund, in a joint venture with Besyata Investment Group, has acquired a 235,000-square-foot shopping center in Homewood, approximately 30 miles south of Chicago, for $32 million. Washington Park Plaza is 95 percent occupied and tenants include Starbucks, TJ Maxx, Ross Dress for Less, Petco and Party City. The seller in the transaction was undisclosed.

July 27, 2016

Midwest Minnesota Multifamily

Opus, Greco Break Ground on 114-Unit Apartment Project in Minneapolis

by Christina Cannon July 27, 2016

MINNEAPOLIS — The Opus Group and Greco LLC have broken ground on a 144-unit apartment project in the North Loop neighborhood of Minneapolis. The project will include 14,000 square feet of ground-level retail space and amenities such as a fitness center, concierge services, dog wash and bike storage. A second-level amenity deck will include an outdoor pool and bar, grilling areas and a wood burning fireplace. The building will also feature a sixth-floor rooftop terrace with a grilling area, outdoor bar, fire pit and pool. The project is slated for completion by the end of summer 2017. Opus Development Co. and Greco will co-develop the project. Opus Design Build will be the design-builder. Opus AE Group and ESG Architects will design the project. TCF Bank is the lender.

July 27, 2016

Midwest Minnesota Multifamily Seniors Housing

United Properties Breaks Ground on 100-Unit Seniors Housing Community in Minnesota

by Christina Cannon July 27, 2016

MINNETONKA, MINN. — Real estate developer United Properties has broken ground on Cherrywood Pointe of Minnetonka, a 100-unit independent living, assisted living and memory care community in the Minneapolis suburb of Minnetonka. The four-story, 139,579-square-foot community will feature 72 independent living/assisted living units, 22 memory care apartments and six care suites — a home-like alternative to skilled nursing. Tushie Montgomery Architects and Henricksen for Human Care designed the project. Weis Construction is building the community, which is scheduled for completion by summer 2017. Cherrywood Pointe of Minnetonka is the fifth United Properties assisted living community managed by Ebenezer Management Services.

July 27, 2016

Illinois Midwest Retail

Boulder Group Brokers $4.2M Sale of Three-Tenant Retail Center in Romeoville, Illinois

by Christina Cannon July 27, 2016

ROMEOVILLE, ILL. — The Boulder Group has brokered the sale of a three-tenant, net-leased shopping center in Romeoville, approximately 40 miles southwest of Chicago, for $4.2 million. The property is located at 253 S. Weber Road, and tenants include Chipotle, Dunkin’ Donuts and Sleepy’s. Target and Kohl’s shadow anchor the center, which was built in 2014. The buyer was a Northeast-based real estate investment company in a 1031 exchange transaction. The seller was a Midwest real estate company. Dunkin’ Donuts and Chipotle have approximately eight years remaining on their lease, and Sleepy’s has six years remaining on its lease.

July 27, 2016

Newer Posts

Older Posts